Wheelock and Company Limited

2015 Final Results Presentation

10 March 2016

Core Business Maintaining Momentum

2015 final results – Core Business Maintaining Momentum

2

$15.5b HKDP sales

recognition fuelled

the profit growth

$12.9b HKDP contracted

sales achieved

16.0% Net gearing with

strong balance sheet*

$10.6b Historic high

Group core profit

* Wheelock-own figures before consolidation

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Core profit advanced to a historic high

3

• Group core profit +31% to reach $10.6b

• Positive trend in last 10 years and new

profit level since 2011

• Before consolidation, Wheelock’s own core

profit +83% to $4.0b

• Contribution to Group core profit increased

from 27% to 38%

$10.6b Wheelock & WPSL 30% Wheelock & WPSL 40%

2006-2010 avg. $3.6b

2011-2015 avg. $8.6b

2.2b (27%)

4.0b (38%)

2014 2015

+83%

2014 2015

Growth driven by $15.5b HKDP sales recognition

4 HKDP sales recognition

$15.5b

$14.8b

• One Bay East and The Parkside were completed and recognized in 2015

• Net order book was $12.5b, 90% will be recognized in the next 18 months

Expected OP in 2016

One HarbourGate (obtained)

Mount Nicholson (obtained)

CAPRI

Peninsula East

Kensington Hill

One Bay East

The Parkside The Austin

Grand Austin

Lexington Hill

Group financial highlights

FY2014 (HK$m)

FY2015 (HK$m)

% Change

Revenue 40,953 57,431 +40%

Operating Profit 15,729 20,053 +27%

Core Profit* 8,103 10,598 +31%

Profit Before IP Revaluation Gain 7,035 9,974 +42%

IP Revaluation Gain (net of Tax & NCI) 14,974 4,258 -72%

Profit Attributable to Shareholders 22,009 14,232 -35%

Earning Per Share

- Core* HK$3.99 HK$5.22 +31%

- Attributable to Shareholders HK$10.83 HK$7.00 -35%

Dividend Per Share

- First Interim HK$0.3850 HK$0.4250 +10%

- Second Interim HK$0.6825 HK$0.7250 +6%

- Total HK$1.0675 HK$1.1500 +8%

5 * Excluded IP revaluation gain and exceptional items

2011 2012 2013 2014 2015

$12.9b HKDP contracted sales achieved in 2015

6

• 50% from residential, 50% from commercial

• 738 residential units presold, together with car parking spaces generated $6.5b

• One HarbourGate West Office Tower & Retail Villa presold to China Life for $5.9b

$6.9b

$10.0b

$18.8b

Commercial contracted sales

Residential contracted sales

2015 Contracted sales breakdown

One HarbourGate – West Tower $5.9b

CAPRI $3.4b

Peninsula East $2.0b

The Parkside $0.6b

The Parkside – retail $0.5b

Kensington Hill $0.3b

Island Residence $0.2b

Total $12.9b

$12.9b

$3.5b

7

• 93% of 419 units launched presold

within 4 weeks

• $3.4b residential sales proceeds

generated

$8.6b sales from O’South portfolio in 14 months

8

• Sold 2 of 4 O’South projects (Nov 14 to Dec 15)

• 980 residential units presold, together with car parking spaces for $8.1b

• The Parkside presold 51,000 sq. ft. retail podium en-bloc for $0.5b

• Continued demand in O’South’s development potential

O’South Development Potential

• South facing Victoria Harbour view

• Low density: CAPRI’s highest tower is 12 storey

• 2.2m sq. ft. green area

• 3 MTR stops to Quarry Bay

• 2m sq. ft. shopping facilities + international school

2

3

4 1. The Parkside 2. CAPRI 3. TKO112 4. TKO126

1

2

O’South - low density, green and waterfront lifestyle

9 9 * Source: Centaline data

TKO Po Lam &

Hang Hau area: 45*

The

Parkside: 27

CAPRI:

2 to 12

TKO 112:

2 to 21

TKO 126:

2 to 15

O’South

HK Island

Tai Koo Shing: 30*

New Territories

City One Shatin:33*

West Kowloon The Pacifica, Liberte,

Banyan Garden: 60*

The Wings:32* Twin

Peaks: 28*

Corinthia by

the Sea: 20*

10

• 100% of all 256 units presold within 2

days

• $2.0b residential sales proceeds

generated (included car parking spaces)

11

• 40 units presold

• $0.2b residential sales proceeds

generated

• Sold 3 of 4 commercial towers (Jun 2013 to Dec 2015)

• Sustained demand from global financial institutions

• Manulife, Citi and China Life acquired Wheelock’s developments to set long-term root in HK

3 en-bloc office transactions in 3 years for $16b

12

2013 2014 2015

$4.5b

$5.4b $5.9b

One Bay East

(West Tower)

One Bay East

(East Tower)

One HarbourGate

(West Tower)

13

ONE HARBOURGATE

• $5.9b sale of West Tower and

Retail Villa to China Life in

November 2015

• One of China Life’s the major

investment in its global portfolio

• Office and retail villas total GFA

673,000 sq.ft.

• Panoramic Victoria Harbour view

and located in commercial hub

1

• Acquired 2 residential sites in Lohas Park with 1.9m sq. ft. GFA and $2,300 psf AV

• Non-Peak land bank cost at $3,420 psf AV

• 19 projects under development, 79% along Victoria Harbour

Diverse land bank under management stands at 8.7m sq. ft.

14

Kowloon South (2)

Peak Portfolio (4) O’South (3)

Kowloon East (4)

• Total 0.6M sq. ft. GFA

• Heart of Kowloon center

• Future MTR lines

• Victoria Harbour view

(1) One HarbourGate

(2) ONE HOMANTIN • Total 0.5M sq. ft. GFA

• Prestige locations

• Panoramic Harbour view

(1) Mount Nicholson

(2) 1 Plantation Road

(3) 11 Plantation Road

(4) 77 Peak Road

Others

(1) Island Residence

(2) Kensington Hill

(3) So Kwun Wat

(4) Lohas Park Phase 5

(5) Lohas Park Phase 7

(6) Lohas Park Phase 9

• Total 2.4M sq. ft. GFA

• Clusters in CBD2 &

Yau Tong

• MTR connectivity

• Victoria Harbour view

(1) Kai Tak

(2) Kowloon Godown

(3) Wharf T&T Square

(4) Yau Tong Bay

• Total 1.6M sq. ft. GFA

• Tseung Kwan O & Tiu

Keng Leng MTR stations

• Victoria Harbour view

• 2.2M sq. ft. green area

(1) CAPRI

(2) O’South Lot 126

(3) O’South Lot 112

Kowloon

Hong Kong Island 2

3

4

3

2 1

5

4

1 2

3

1

2 3

4 1 2

6

• 5 projects planned for sales, 4 residential + 1 commercial projects

• Diverse range of product offering

• Timing subject to presales consent approval and market

2016 contracted sales not less than $10b

15

Mount

Nicholson

Peak Residences

The Peak

325,000 s.f. GFA

19 houses & 48 apts.

Prestigious location

Victoria Harbour view

ONE HOMANTIN

High-end Residences

Kowloon South

388,000 s.f. GFA

561 units

Traditional luxury

residential area

Proximity to MTR

So Kwun Wat

Low-density Residences

Tuen Mun

377,000 s.f. GFA

60 houses & 400 apts.

Low-rise development

Harrow International

School nearby

TKO Lot 112

Waterfront Residences

O’South

569,000 s.f. GFA

804 units

Waterfront site

Proximity to MTR

One

HarbourGate (East Tower)

Grade A office

Kowloon South

279,000 s.f. GA

Grade A twin towers

Victoria Harbour view

Proximity to MTR

0

2

4

6

8

10

12

2016 2017 2018 2019 2020

0%

10%

20%

30%

Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15

Strong balance sheet with prudent financial management

16

• Net gearing before consolidation: gradually reduced to 16%

• Debt maturity: less than 3% of gross debt maturing in 2016

• HKDP sales receivable : $10b to be recouped in next 18 months

• Recurrent cash inflow: $3.1b dividends from Wharf received in 2015

(HKD’b)

Gross debt maturity schedule

Net gearing (before consolidation)

reduced to 16.0% 23.7%

21.1%

17.8% 18.8%

13.4%

17.1%

Less than 3% of gross debt matures in 2016

16.0%

Wharf – Resilient IP Core

• Attributable core profit increased by 12% to $6.3b

• HKIP – revenue growth slowed in a tough market but still produced solid results

- HKIP revenue and operating profit +7% to $12.2b and +6% to 10.5b

• China IP – began to bear fruit

- China IP revenue and operating profit +16% to $2.3b and +25% to 1.2b

- Chengdu IFS retail sales +55% to RMB3.3b and retail revenue +25% to RMB0.6b

• China DP – Rmb26b contracted sales achieved, 20% above target

• Wheelock’s shareholding increased from 55.6% to 59.2% in 2015

• $3.1b cash dividend paid to WAC in 2015*

17 *2015 2nd interim dividend of $1.35 per share amounted to $2.4b will be paid to Wheelock in April 2016

Wheelock Properties Singapore – Stable Performance

• Contributed HK$0.3b core profit

• DP – sold 428 residential units for S$401m

- The Panorama presold additional 244 units for S$317m; 94% of 600 units launched sold

- Ardmore Three and Scotts Square sold 13 units for S$43m

- Fuyang Shijiayuan (Hangzhou) presold 171 units for S$41m

• IP – stable performance delivered

- Wheelock Place overall occupancy maintained at 100%

- Scotts Square Retail Pedder on Scotts’s 20,000 sq. ft. multi-brand shop opened in Oct 2015

18

Products and services excellence

19

2 consecutive year for

Social Responsibility

Award of the Year (By RICS)

4 consecutive year for

BCI Asia’s Top 10

Developers Award (By BCI Asia)

3 consecutive year for

Best Property

Management (By Squarefoot)

* CABLE TV is a subsidiary of Wheelock Group

1 WPL website

W³ Awards

Silver Winner (By W³)

Top Quartile

Residential projects quality

ranking from 2013-2015 (By Cable TV*)

AUSTIN THE

AUSTIN GRAND

LEXINGTON HILL

Business-in-community

20

Project WeCan

50 participating schools

vs 44 in 2014

42,000 students benefitted

vs 40,000 in 2014

Swim for Millions

>500 participants

vs 380 in 2014

>$4m fund raised

Sustainable development

90% of projects sold have been BEAM

PLUS and LEED certified since 2013

Mount Nicholson

CAPRI

The Parkside

The Austin

Grand Austin

One HarbourGate

One Bay East

One HarbourGate

One Bay East

End of Presentation

Wheelock and Company Limited (HKEx Stock Code: 0020)

Disclaimer All information and data are provided for information purposes only. All opinions included herein constitute Wheelock’s

judgment as of the date hereof and are subject to change without notice. The Group, its subsidiaries and affiliates hereby

disclaim (i) all expressed, implied, and statutory warranties of any kind to user and/or any third party including warranties as to

accuracy, timeliness, completeness, or fitness for any particular purpose; and (ii) any liability whatsoever for any loss

howsoever arising from or in reliance upon the whole or any part of the information and data contained herein.

The photographs, images, drawings, sketches or perspectives shown in this presentation represent the artist’s impression of

the Development concerned only. They are not drawn to scale and/or may have been edited and processed with computerized

imaging techniques.

Figures are stated in HK dollars unless stated otherwise.

21